Trustee Act 2000
|
|
| Long title | An Act to make fresh provision with respect to investment by trustees and persons having the investment powers of trustees, and by local authorities, and for purposes connected therewith. |
|---|---|
| Citation | c 29 |
| Territorial extent | England and Wales |
| Dates | |
| Royal assent | 23 November 2000 |
| Commencement | 1 February 2001 |
|
Status: Current legislation
|
|
| Text of statute as originally enacted | |
| Revised text of statute as amended | |
The Trustee Act 2000 (c 29) is an Act of the Parliament of the United Kingdom that regulates the duties of trustees in English trust law. Reform in these areas had been advised as early as 1982, and finally came about through the Trustee Bill 2000, based on the Law Commission's 1999 report "Trustees' Powers and Duties", which was introduced to the House of Lords in January 2000. The bill received the Royal Assent on 23 November 2000 and came into force on 1 February 2001 through the Trustee Act 2000 (Commencement) Order 2001, a Statutory Instrument, with the Act having effect over England and Wales.
The Act covers five areas of trust law: the duty of care imposed upon trustees, trustees' power of investment, the power to appoint nominees and agents, the power to acquire land, and the power to receive remuneration for work done as a trustee. It sets a new duty of care, both objective and standard, massively extends the trustees' power of investment and limits the trustees' liability for the actions of agents, also providing for their remuneration for work done in the course of the trust.
Lawyers and academics had been pushing for reform of this area of law since at least 1982, when the Law Commission published a report advising reform of the rules over trustees delegating their powers to other people. Other trusts reform came about through the Trusts of Land and Appointment of Trustees Act 1996, but this did not cover most of trusts law. Although there were some other small changes (such as a 1996 Statutory Instrument that extended the rights of trustees under the Trustee Investments Act 1961) little else was done. Further papers were published on similar areas in 1997 and 1999, and finally the Trustee Bill 2000 was introduced to the House of Lords in January 2000, implementing the proposals laid out in the Law Commission's 1999 report "Trustees' Powers and Duties". The Act was given the Royal Assent on 23 November 2000, and most of it came into effect on 1 February 2001 through the Trustee Act 2000 (Commencement) Order 2001.
...
Wikipedia